AgdaPkt 2006-01-09 - Laserfiche WebLink

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MANAGEMENT'S DISCUSSION AND ANALYSIS CAPITAL AsSETS AND DEBT ADMINISTRATION Capital Assets - At the end of FY 2004/05, the City had $281.7 million, net of depreciation, invested in a broad range capital assets used in governmental activities, as shown in the table below. Additional information on the City's capital assets can be found in Note 4 (pages 41-42) and Note 16 (page 58) of this report. Capital Assets at Year-end (in Millions) Governmental Business-Type Activities Activities Total 2005 2004 2005 2004 2005 2004 Variance $ $ $ $ $ $ Land 27.775 11.581 3.448 3.448 31.223 15.029 107.752% Streets 64.592 60.304 64.592 60.304 7.111% Construction in progress 60.090 48.463 26.217 23.851 86.307 72.314 19.350% Buildings 56.024 56.024 9.498 9.498 65.522 65.522 0.000% Equipment 15.848 15.289 2.303 2.002 18.151 17.291 4.974% Improvements 79.125 76.767 79.125 76.767 3.072% Harbor improvements 3.299 3.292 3.299 3.292 0.213% Parks, bridges, etc. 20.989 19.488 20.989 19.488 7.702% Traffic signals 1.968 1.968 1.968 1.968 0.000% Storm drains 7.123 7.015 7.123 7.015 1.540% Less accumulated depreciation (58.222) (52.891) (38.407) (36.281) (96.629) (89.172) 8.362% Total capital assets 196.187 167.241 85.483 82.577 281.670 249.818 12.750% Governmental Activities The substantial (140%) increase in Land and the greater part of the 24% increase in Construction in Progress is driven by Redevelopment Agency construction projects in connection with downtown revitalization efforts. Streets increased due to the Roosevelt reconstruction project. The increase in Parks resulted from installation of artificial turf in play fields. Business-Type Activities The $2.4 million increase in Construction in Progress resulted primarily from the recycled water project. The improvements increased by $2.4 million due to the rehabilitation of the Lakeview water tank and two pump stations. Long-Term Debt - Issues described in detail in Notes 6 and 7 to Financial Statements. During FY 2004/05 the City's Public Financing Authority issued $35.79 million of water revenue bonds. Outstanding Debt (in Millions) Governmental Business-Type Activities Activities Total 2005 2004 2005 2004 2005 2004 Variance $ $ $ $ $ $ 28.834 30.774 45.815 10.225 74.649 40.999 82.075% 4.005 5.625 4.005 5.625 -28.800% 45.694 45.628 45.694 45.628 0.145% 0.339 0.381 1.975 1.997 2.314 2.378 -2.691% 7.638 7.438 0.738 0.695 8.376 8.133 2.988% 86.510 89.846 48.528 12.917 135.038 102.763 31.407% Revenue bonds General improvement bonds Tax increment bonds Loans Accrued sick leave and vacation Total long term debt 11